VelocityShares 3x Inverse Crude Oil ETN (DWT)

[Smittle]

Iraq to offer proposals on output cuts at OPEC meeting

Reuters

November 20, 2016

LONDON — Iraq will offer three new proposals at a meeting in Vienna this coming week to discuss implementing an OPEC accord to cut output, Iraq’s Oil Minister Jabbar al-Luaibi said late Sunday, in the latest sign the country is inching closer to resolving its differences with the cartel.

The options will be consistent with OPEC policy and are designed to bolster the unity of the group, said Luaibi, who has until very recently been at loggerheads with the group over Iraq’s contribution to the reduction. He declined to give details over the proposals.

“Our alternatives are based on other variables and will make it easier for OPEC members to make a decision,” he told The Wall Street Journal. “All of the options will be logical and in line with OPEC policy,” he added.

The Organization of the Petroleum Exporting Countries agreed in September to reduce output to help draw down a global supply glut that is weighing on oil prices, but left the details of the plan to be worked out later.

An expanded version of this report appears on WSJ.com.

http://www.marketwatch.com/story/iraq-to-offer-proposals-on-output-cuts-at-opec-meeting-2016-11-20